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| Sainsbury's profits rise again | Sainsbury's profits rise again |
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| Profits at Sainsbury's have risen again as the supermarket maintained its run of success under chief executive Justin King. | Profits at Sainsbury's have risen again as the supermarket maintained its run of success under chief executive Justin King. |
| It came as the retailer also announced it was taking full control of Sainsbury's Bank in a £248m deal to buy the 50% stake held by taxpayer-backed Lloyds Banking Group. | It came as the retailer also announced it was taking full control of Sainsbury's Bank in a £248m deal to buy the 50% stake held by taxpayer-backed Lloyds Banking Group. |
| Full-year results to 16 March showed underlying profits up 6.2% to £756m, though the bottom-line pre-tax figure fell 1.4% to £788m when property disposals were included. | Full-year results to 16 March showed underlying profits up 6.2% to £756m, though the bottom-line pre-tax figure fell 1.4% to £788m when property disposals were included. |
| King, who took over at the supermarket amid sliding sales nearly a decade ago, remained bullish about its prospects despite the economic downturn. | King, who took over at the supermarket amid sliding sales nearly a decade ago, remained bullish about its prospects despite the economic downturn. |
| He said: "Whilst we see no near-term change in the current economic situation, we remain confident that by continuing to invest in our long-standing strategy and by understanding and helping our customers, we are well positioned for future growth." | He said: "Whilst we see no near-term change in the current economic situation, we remain confident that by continuing to invest in our long-standing strategy and by understanding and helping our customers, we are well positioned for future growth." |
| Total sales rose by 4.6% to £25.6bn, driven by 33 consecutive quarters of like-for-like sales growth. | Total sales rose by 4.6% to £25.6bn, driven by 33 consecutive quarters of like-for-like sales growth. |
| Sainsbury's said it had outperformed competitors, citing figures from earlier this year which showed it had achieved 16.8% market share, its highest for a decade. | Sainsbury's said it had outperformed competitors, citing figures from earlier this year which showed it had achieved 16.8% market share, its highest for a decade. |
| The results were boosted by what it called the "milestone" of non-food sales reaching £1bn for the first time. | The results were boosted by what it called the "milestone" of non-food sales reaching £1bn for the first time. |
| Grocery online sales were nearing the £1bn mark, while Sainsbury's convenience stores took £1.5bn, the company announced. During the year, it opened 14 new supermarkets, eight extensions and 87 convenience stores. | Grocery online sales were nearing the £1bn mark, while Sainsbury's convenience stores took £1.5bn, the company announced. During the year, it opened 14 new supermarkets, eight extensions and 87 convenience stores. |
| The supermarket, which sponsored the Paralympic Games and was also involved in the events to celebrate the Queen's diamond jubilee, said: "It has been a year like no other." | |
| David Tyler, chairman of Sainsbury's, said the decision to take full ownership of Sainsbury's Bank would "benefit both customers and shareholders and allow its full potential to be realised". | David Tyler, chairman of Sainsbury's, said the decision to take full ownership of Sainsbury's Bank would "benefit both customers and shareholders and allow its full potential to be realised". |
| The bank, launched in 1997, has delivered five successive years of profit growth, the company said. Profit before tax in 2012-13 was £59m. | |
| King said: "We see a great opportunity to increase the number of bank customers by offering accessible, high-quality financial service products which reward customers who bank and shop with us. | |
| "We expect the bank to become an important source of profit diversification and growth, building on the strengths of our core business." | "We expect the bank to become an important source of profit diversification and growth, building on the strengths of our core business." |